this post was submitted on 18 Aug 2024
115 points (98.3% liked)

News

23305 readers
3693 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago
MODERATORS
 

Changes to realtor commissions taking effect this weekend could give home sellers a lot more negotiating power — and for buyers, potentially some more paperwork.

Starting Saturday, realtors will be barred from offering compensation on multiple listing services (MLS), making it harder for buyers’ agents and sellers’ agents to negotiate fees on their own, as they’ve done for decades.

Until now, home sellers traditionally had to pay commissions, commonly in the range of 5% to 6%, to their agents, who then split that fee with the buyer’s agent upon making a sale. The new rules, which follow a historic $418 million settlement with the National Association of Realtors in March, leave more room for sellers to negotiate those fees down and make it more appealing for buyers to forgo agents entirely.

“It’s the biggest change probably in the history of real estate,” said Mike McCann, a realtor in Philadelphia. “It has created a lot of fear, a lot of anxiety” within the industry, he said.

With the MLS no longer serving as a forum for negotiation, it remains to be seen how agents, buyers and sellers will choose to cover commission costs. While sellers could pass on any savings on the commission to the buyer in the form of a lower home price, it’s also possible that sellers could increasingly choose to ask the buyer to cover some or even all of the costs.

you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 14 points 2 months ago (2 children)

It has created a lot of fear, a lot of anxiety” within the industry.

Good. It's the biggest parasitic job in the world...

[–] [email protected] 7 points 2 months ago

You meant to say “car salesman” or “insurance adjuster”.

[–] [email protected] 3 points 2 months ago (2 children)

Bullshit. A good realtor is worth their weight in gold. Buying a house is one of, if not the most expensive purchase anyone will make, and a good realtor will help a buyer not only find the right place, but help them navigate the process and potentially save them the hazard of overpaying for what could be a money pit dump. Sure there are unscrupulous realtors out there, but there are plenty good ones too.

[–] [email protected] 9 points 2 months ago

You're describing a home inspector. I've never had a realtor assess the condition of a house. It's not their job. Plus, even with the best realtor, having an intermediary during negotiations only ever makes the process more complicated. If you have a home inspector and a good lawyer you can easily do rest yourself with no real risks. Both of them charge fixed fees for their services too and I wouldn't buy a house without both anyways. Realtors are 100% superfluous.

[–] [email protected] 2 points 2 months ago (2 children)

I’ve had both experiences, with the last one being a fantastic agent who sold our home for top dollar and also pitched in to help us paint our kitchen a color that would sell. I agree, some are parasites but some are great and worth the value they’re asking for. Sounds like every business honestly.

[–] [email protected] 6 points 2 months ago (1 children)

This example is a sellers agent and not a buyers agent. Buyers agents are basically useless parasites. We did all the work ourselves hiring a lawyer and an inspector and finding and going to listings on Zillow and other platforms ourselves and then this mooch basically caused the house we bought to be 2.5% more expensive for what exactly?

[–] [email protected] 2 points 2 months ago

That’s fair.

[–] [email protected] 7 points 2 months ago (1 children)

You could have paid an interior designer a couple hundred dollars for a home visit and better advice. Nothing your realtor did was worth a 5%-6% cut.

[–] [email protected] 1 points 2 months ago

It’s a good thing we paid them less. They also made up double what we paid for it in 1 day so, yeah, still think they were worth it.